It’s already the NFL’s most intriguing soap opera, even though there are still plenty of cliffhangers to come.

Just call it “Peyton’s (Next) Place.”

The Giants’ magical Super Bowl run might be history, but all eyes in the sport will remain firmly fixed on Indianapolis to see what the Colts do with Peyton Manning and what the four-time NFL MVP does after that decision comes down.

It appears all but certain Indianapolis owner Jim Irsay, coming off a 2-14 season with Stanford quarterback Andrew Luck waiting in the draft and a new coach (Chuck Pagano) with no ties to Manning, will part ways with the 36-year old franchise icon after 13 memorable seasons — and soon.

The exact timeline, however, is shrouded in mystery: The Colts must pay Manning a $28 million roster bonus by the March 8 deadline in his contract or release him, but complicated language in his deal makes it unclear as of now whether the sides can agree to push back the deadline.

The outcome easiest to rule out is a trade, because the Colts most likely would have to count a staggering $44 million against their salary cap next season for a player who would not even be on their team.

Considering his relationship with Manning appears fractured beyond repair after a week of very public squabbling leading up to the Super Bowl, Irsay’s most palatable option would be to release No. 18.

If (more like “when”) that happens, and Manning is able to show he can still throw with NFL-caliber velocity, then look for one of the most frenzied free-agent chases since Reggie White to commence.

The Redskins and Dolphins already have signaled their extreme interest in a healthy Manning, and the 49ers, Cardinals and Jets probably would not be far behind.

Of course, the entire situation could be moot because, according to several accounts, Manning has been cleared by doctors to resume playing but still hasn’t regained the strength in his throwing arm despite sitting out for an entire calendar year.

Speculation that Manning could be forced to retire because of his lack of regeneration got a boost yesterday from Indianapolis Star columnist Bob Kravitz, a Manning confidant who said “the guy’s arm is a noodle” in a radio interview with Tony Kornheiser.

“He can’t throw like an NFL quarterback, and by March 8, there’s no way of knowing whether he’s going to be ready or not,” Kravitz said.

Not even Manning has claimed to be anywhere near where he was before his most recent neck surgery in terms of arm strength, which would explain an ESPN report last week that Manning would be willing to accept an incentive-laden contract from his next team.

An incentive-based deal makes sense because it isn’t as if Manning needs the money — Irsay and the Colts paid him $26 million last season to be a glorified spectator as Kerry Collins, Curtis Painter and Dan Orlovsky took turns trying in vain to replace him.

But that largesse from the Colts didn’t keep Manning from waging a public — at times embarrassingly so — war of words with Irsay during Super Bowl Week while keeping his distance from the team.

Although the sides issued joint statements declaring their mutual admiration for each other, Irsay responded angrily to a leak from Manning’s camp last Friday by saying the quarterback had neither passed a physical with the Colts nor been cleared to play again by the team.

The extent of the Manning-Colts cold war seemed to be magnified yesterday with multiple reports from Durham, N.C., that Manning is working out and throwing at Duke with Blue Devils coach David Cutlcliffe (a longtime family friend) instead of at the Colts’ facility.

If Manning can defy the heavy odds by regaining his health, it looks like he will soon be working out at another NFL team’s facility soon.

Peyton’s next home?

A look at Peyton Manning’s likeliest pursuers, ranked on the strength of their interest:

REDSKINS

Mike Shanahan is 11-21 in Washington and might be more desperate for Peyton than Dan Snyder — which is saying something.

DOLPHINS

With a rich, eager owner in Steve Ross, Jake Long at left tackle and a decent defense, Manning certainly could do worse than Miami.

CARDINALS

They showered Kevin Kolb with money (big mistake) and aren’t fully sold on Fordham’s John Skelton, yet still finished 8-8. A healthy Manning throwing to Larry Fitzgerald would keep defensive coordinators awake at night.

JETS

They don’t have the cap room, Peyton wouldn’t want to play in the same market as his brother or in the New York media cauldron, and Mark Sanchez almost certainly would demand a trade. The great equalizer in all this? Woody Johnson. See: Favre, Brett.

49ERS

Jim Harbaugh said Niners are sticking with Alex Smith, but does he truly believe it?

BROWNS

Like the Dolphins, Cleveland seems perpetually in search of a decent passer and (with good reason) isn’t sold yet on Colt McCoy. Decent offensive line, but the weather is as awful as the Browns’ receivers.

CHIEFS

Hey, it worked out great with Joe Montana 20 years ago …

BRONCOS

Manning is about the only QB that John Elway could replace Tim Tebow with and still hope to get out of Denver alive.